Society has become more aware of how sustainability involves many different spheres, and is not only about preserving the earth. There is even talk about how an enterprise or a business needs to be financially sustainable, or it won't be able to last. We don't see much discussion, however, about how our personal finances, our lives, need to be financially sustainable.

Canadians used to carry very little debt in comparison with Americans, and had a saving mentality. That has changed in the last couple of decades. Canadians now carry a large amount of debt, and take enormous risks. 2 examples: very few of us manage to have a 3-month emergency fund, and seniors are now retiring in debt.​The reasons for this situation are many. For many of us, wages that have not kept up with inflation, or low minimum wages that keep working people at poverty level don't allow for any savings, and keep people on survival mode. For others who can afford it, instant gratification or greed lead them into debt. Financial institutions are also to blame. In terms of the sustainability of a society, this situation is not sustainable yet there is no discussion of this, only constant encouragements to borrow, buy, invest, and use credit.

We do have some control of our personal finances though. And for any help with that I recommend Gail Vaz-Oxlade, through her TV shows, books, and website. She gives you the hard truth. A recent column of hers was entitled Stop focusing on a good credit score, start focusing on debt. Why? What does a good credit score entail?

it rewards using several types of credit, instead of you limiting your debt

credit utilization rules are designed to make you carry high credit limits

To quote Gail, ​"the very things that give you a high score - that make you a profitable customer - are completely counter to sound money management", andpresently lenders don't "look at your character, capacity to repay, or credit history".​So there you have it, and Gail actually uses the term financial sustainability. ​Stay tuned for part 2 on Credit Unions.